‘Startups can look to FTAPCCI for support’
Young entrepreneurs need not lose heart when funding for their startups are turned down by banks.
The Federation of Telangana and Andhra Pradesh Chamber of Commerce and Industry is there to take up with Reserve Bank of India the case of startups, FTAPCCI president V. Anil Reddy said while taking part in the Entrepreneurship Development Programme organised here for prospective entrepreneurs.
He lamented that faced with mounting non-performing assets (NPAs), banks were shying away from funding micro and small enterprises without collateral security even after the Centre had come out with the Credit Guarantee Fund Scheme for Micro and Small Enterprises. “The FTAPCCI will have a fresh look at the project proposal of young entrepreneurs and fight for funding their dream projects,” he said.
The FTACCI would also help them in preparation of viable projects and liaison with the Union and the State governments to resolve various bottlenecks in grounding their projects, he said.
The FTAPCCI had signed a memorandum of understanding with the State government to hold such programmes in all the 13 districts and give a push to industrialisation, he said, adding it had also tied up with educational institutions for providing training for three to six months for students passing out of colleges to improve their employability. With a huge land bank and proximity to the State capital, the coastal Prakasam district had all the ingredients for rapid industrial growth, said District Industries Centre General Manager Mekala Murali Mohan.
“The upcoming Donakonda industrial city is the right place for starting for cold storage units, drugs and pharmaceutical units, fine chemicals, mineral based industries,” he said, adding “all the clearances will be provided to prospective entrepreneurs online through single window to speed up industrialisation of the district.”
State Bank of India SME Branch Manager V.S.S.K.S.Ramesh impressed upon the entrepreneurs to go for agro-based industries to add value to locally available farm products, while Chartered Accountant Rajendra Prasad from M/s Kurapati Subba Rao and Co underscored the need for professional approach in preparing project reports.